Prudential Financial Completes Sale Of Full-Service Retirement Business To Empower

Prudential Financial Inc PRU has completed the sale of its full-service retirement business to Empower, the U.S. subsidiary of Canadian insurer Great-West Lifeco Inc GWLIF.
The sale agreement included more than 1,800 employees. Prudential will continue to partner with Empower through the transition.
"The close of this transaction marks another significant milestone in Prudential's strategy to become a higher growth, less market sensitive, more nimble business," said Andy Sullivan, EVP and head of Prudential's U.S. Businesses.
Prudential also closed the sale of a portion of its legacy traditional variable annuity block to Fortitude Re on April 1, 2022.
Price Action: PRU shares are trading lower by 1.82% at $116.24 and GWLIF higher by 0.34% at $29.32 on Monday's last check.